iPower FY2023 revenue up 12% to $88.9M; net loss $12.0M vs net income prior year

iPower Inc.

FY2023 revenue $88.9M (+12% YoY); net loss $12.0M or $(0.40)/share vs net income $1.5M in FY2022.
Q4 revenue $23.4M (+6% YoY); Q4 net loss $3.0M or $(0.10)/share vs loss $1.3M prior year.
Gross margin 39.1% (FY2023) vs 41.8% prior year; management attributes decline to higher-cost inventory.
Cash from operations improved to $9.2M from cash used $16.6M; net debt reduced 43% to $8.1M.
Management expects gross margin improvement in FY2024 after selling through excess inventory.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

iPower Inc. reported fiscal fourth quarter and full fiscal year ended June 30, 2023 results: revenue $23.4 million (Q4) and $88.9 million (full year), net income Net loss attributable to iPower was $3.0 million or $(0.10) per share (Q4) and $12.0 million or $(0.40) per share (full, EPS $(0.10) per share (Q4) and $(0.40) per share (full year).

Period: fiscal fourth quarter and full fiscal year ended June 30, 2023
Revenue: $23.4 million (Q4) and $88.9 million (full year)
Net income: Net loss attributable to iPower was $3.0 million or $(0.10) per share (Q4) and $12.0 million or $(0.40) per share (full
EPS: $(0.10) per share (Q4) and $(0.40) per share (full year)
Result: reported results

Exact text from the filing

release also announced the Company will hold a conference call to discuss its fiscal fourth quarter and full fiscal year financial results on Thursday, September 14, 2023, at 4:30 p.m. Eastern Time. The conference call details are as follows: Date: Thursday, September 14, 2023 Time: Time: 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time Dial-in

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Source: SEC EDGAR

accession 0001683168-23-006435

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